“What’s in your wallet” appeals to potential credit card customers. It has been a catchy and appealing credit card marketing slogan for Capital One since 2000. Marketing slogans are effective tools to attract new customers and convert existing ones to other product customers.
Let’s discuss the marketing slogan of Capital One “What’s in your wallet” and its effectiveness over the years for the bank.
Capital One – Introduction
Capital One is a leading American bank founded in 1994 by Richard Fairbank and Nigel Morris. The bank headquarters is in Capital One Tower Virginia, United States.
Capital One has around 755 branches in the US and over 2,000 ATM locations. It offers a wide range of financial services to its customers.
Capital One offers conventional banking services including credit cards, auto loans, commercial loans, checking/savings accounts, and other financial services for individual and corporate customers.
Capital One is also one of the leading banks in the US in the commercial banking industry. It offers commercial banking facilities like commercial trade lines, commercial lending, depository facilities, corporate cards, treasury management, and so on.
Capital One started as a credit card service provider initially. It then gradually expanded its retail banking services and started offering other banking products as well.
What is Capital One Marketing Slogan?
Capital One used different marketing slogans and taglines over the years. Its most famous and appealing credit card slogan has been “What’s in Your Wallet”.
Capital One first introduced this catchy marketing slogan in 2000. Since then, it has been used consistently for its credit card marketing campaigns.
The credit card marketing slogan for Capital One “What’s in Your Wallet” has also been used as a tagline.
It appeared in several types of advertisements, including social media, Google, and TV commercial ads.
Different celebrities have appeared in TV ads for “What’s in your wallet” including Samuel Jackson, Jennifer Garner, and Donald Gibbs.
Why is Capital One Slogan “What’s in Your Wallet”?
Capital One uses this catchy marketing slogan “What’s in your wallet” to grab the attention of its potential credit card customers.
Capital One has created this slogan line as a branded tagline like any other company. Slogans and taglines are catchy, appealing, memorable, and attractive.
“What’s in your wallet” immediately redirects customers’ attention toward their credit card. When you think of your wallet, you think of money immediately.
If you don’t have cash in your wallet, you’ll eventually use a credit card to pay your bills. Then, you’d compare credit card features and want the best credit card in your wallet like any other person.
Thus, Capital One uses this marketing slogan to invite potential customers to use its credit card. In simple words, Capital One uses the phrase “what’s in your wallet” as a marketing and brand tagline.
Why Do Banks Like Capital One Use Marketing Slogans?
Slogans and taglines are one or two-liners usually. These phrases become synonyms for brands for which they’re used.
Effective marketing slogans are those that customers remember for years. These catchy and appealing taglines and slogans help propagate brand value.
When marketing slogans like “what’s in your wallet” become brand taglines, customers immediately think of the brand when they hear these slogans.
In short, marketing slogans are effective tools to attract and retain customers. Capital One has also used its credit card marketing slogan for years now and anyone hearing this slogan will immediately think of Capital One.
Does the Marketing Slogan “What’s in Your Wallet” Appeal Only to Credit Card Customers?
“what’s in your wallet” primarily appeals to credit card customers. It clearly is a marketing slogan for credit card users of Capital One.
However, once a marketing slogan reaches a certain popularity level, it appeals to other types of potential customers as well. Companies can then start converting potential visitors into customers of other products as well.
For example, if you start using Capital One’s credit card, you’ll have to open a checking or savings account first. Then, you’ll also apply for Capital One’s debit card for convenience.
Later, you’ll think of other services offered by Capital One, including personal loans, mortgages, auto loans, and business loans.
This way, Capital One will convert its credit card customers into customers of other products as well. The approach is not unique to Capital One though. Any other bank would do the same and convert its credit card customers into other product customers too.
Capital One Marketing Campaign Controversy
Capital One’s credit card slogan “what’s in your wallet” started back in the year 2000. It has been used consistently since then and has been a memorable campaign.
In the year 2010, some dissatisfied customers appealed against the deceptive and misleading marketing campaign of Capital One. The main appeal was that Capital One does not deliver on what it promises through its marketing campaigns.
Although such lawsuits and appeals are not unique in the financial industry, Capital One was fined for its deceptive marketing campaigns. Capital One paid approximately $210 million to settle the case.
Capital One paid around $150 million to its 2 million customers as compensation and the rest of the amount in fines.
It’s important to mention that the fine was not solely linked to the credit card marketing slogan “what’s in your wallet”. It was a comprehensive lawsuit case against misleading customers to buy “unwanted” products.
Capital One Credit Card and Loan Products
Since we are talking about Capital One’s credit card marketing slogan, let’s briefly take a look at its credit card options.
The platinum Mastercard is your standard credit card offered by Capital One. It is a good option for new customers who want to build credit quickly.
It comes with a standard APR of 26.99% for cash and credit uses with zero annual fees.
QuicksilverOne Reward Card
This credit card is an excellent choice for regular shoppers and customers who love earning rewards. QuicksilverOne comes with 5% rewards on hotel and luxury purchases and 1.5% cash back rewards on all regular purchases.
There is no maximum limit on rewards and redemption for this card.
This card comes with a welcome bonus of 75,000 reward points on spending $4,000 in the first three months.
You can earn 2 miles per dollar spent on regular purchases and 5 miles per dollar on travel and rental categories.
Capital One Financials at a Glance
Capital One reported gross revenue of $26 billion for the year 2021. Its net income was $2.7 billion which is $2.8 billion less than the previous year.
Its net income per diluted common share remained at $5.18 per share for the year 2021 down from $11.05 per common share for the previous year.
Capital One bank owns approximately $421 billion of assets including net equity of $60 billion as of the year 2020.
The dip in the financial performance of Capital One for the previous two years is mainly due to the Covid-19 pandemic effects.
Capital One employs around 51,000 permanent employees in its 755 branches and corporate offices.